Baltic Dry Index. 2110 +24 Brent Crude 77.65
Spot Gold 2032 US 2 Year Yield 4.40 +0.02
Why did I take up stealing? To
live better, to own things I couldn't afford, to acquire this good taste that
you now enjoy and which I should be very reluctant to give up.
Cary Grant. To Catch A Thief.
In the Asian
stock casinos, a wobbly start to the week, with Japan closed for a holiday and
more trouble in China.
In better
news, just possibly sanity is about to prevail in Washington D.C. and the US
government wont start closing down on Friday January 19.
In not so
good news, Boeing. But that’s well covered in popular media.
Hong Kong
leads losses in Asia markets, China shadow bank Zhongzhi files for bankruptcy
UPDATED MON, JAN 8 2024 12:30 AM EST
Asia-Pacific markets reversed early gains on
Monday, with Hong Kong stocks leading losses in the region.
The Hang Seng index plunged
over 2%, dragged by healthcare stocks, while mainland China’s CSI 300 was down
1.15% after shadow banking conglomerate Zhongzhi Enterprise Group filed for bankruptcy liquidation late
Friday.
In Australia, the S&P/ASX 200 fell
0.50% to close at 7,451.50, while South Korea’s Kospi lost
0.32% and the small-cap Kosdaq was flat.
Japan’s markets are closed for a
public holiday, and will resume trading on Tuesday.
On Friday in the U.S., all three major indexes
gained after a stronger-than-expected jobs report.
The S&P 500 ended
Friday up 0.18%, while the Nasdaq Composite added
0.09% and the Dow Jones
Industrial Average ticked
higher 0.07%.
The U.S. economy added
many more jobs than anticipated in December, with nonfarm payrolls
growing by 216,000, compared with the 170,000 expected by economists polled by
Dow Jones. The unemployment rate held steady at 3.7% in another sign of
continued labor strength.
The report sent Treasury yields
higher, with the benchmark 10-year rate touching
4.103%.
Asia stock markets
today: Zhongzhi Enterprise Group, China shadow bank (cnbc.com)
China Evergrande's EV unit says vice chairman
detained, stock plunges
January 8, 2024 5:21 AM GMT
Jan
8 (Reuters) - China Evergrande New Energy Vehicle Group (0708.HK) said on Monday an
executive director Liu Yongzhuo, who is the firm's vice chairman, has been
detained, sending the stock tumbling as much as 23% in resumed trade.
The
electric vehicle arm of the embattled property developer China Evergrande Group (3333.HK) said Liu has been
detained on suspicion of "illegal crimes" but did not elaborate
further.
The shares,
which were suspended from trading in the morning session pending the statement,
fell to as low as HK$0.32 but have since regained ground and was last down
1.2%.
The
stock plunged 18.6% in the first week of 2024 after it said last Monday that
plans for it to sell shares to U.S.-listed NWTN (NWTN.O) had been scrapped.
Hui
Ka Yan, chairman and founder of parent Evergrande Group, the most indebted
property developer in the world, has also been under investigation for
suspected crimes, according to a filing in late September.
China
Evergrande's EV unit says vice chairman detained, stock plunges | Reuters
Dollar holds ground
as US inflation data looms
By Rae Wee
January
8, 2024 1:24 AM GMT
SINGAPORE, Jan 8 (Reuters) - The dollar
was steady on Monday ahead of a key U.S. inflation report later in the week for
further clarity on the Federal Reserve's monetary policy outlook, after markets
got off to a hesitant start to the year as rate cut bets were pared.
The yen struggled near the 145 per
dollar level pressured by a broad bounce in the dollar, while the Australian
and New Zealand dollars were nursing losses having fallen sharply last week
amid cautious risk sentiment.
Trading was thinned in Asia with Japan
out on a holiday.
Against the yen, the dollar rose 0.05%
to 144.67, extending its gain from last week when it jumped 2.6% on the
Japanese currency, its best weekly performance since June 2022.
The kiwi edged 0.1% higher to $0.6248,
after having slid 1.2% last week. The dollar index steadied at 102.38.
The greenback's rally was underpinned
by a rebound in U.S. Treasury yields as traders tempered their expectations of
the pace and scale of Fed cuts this year.
A reading on U.S.
inflation due on Thursday could again alter those views, after data on Friday
showed U.S.
employers hired more workers than expected in December while
raising wages at a solid clip, pointing to a still-resilient labour market.
However, a separate survey out the same day showed the U.S. services sector slowed considerably last month, with a measure of employment dropping to the lowest level in nearly 3-1/2 years, painting a mixed picture of the world's largest economy.
"On balance, the key labour market
themes remain in place. The labour market is no longer as tight as it was
earlier in the recovery as signalled by slower job growth, less turnover and
slower wage gains," said economists at Wells Fargo of the nonfarm payrolls
report.
"That said, job growth remains
solid on an absolute basis even if it has slowed on a relative one, and the low
level of layoffs remains encouraging.
"We suspect the FOMC will keep
the Fed funds rate unchanged over the next few months as it awaits additional
confirmation that inflation is durably on its way to 2%."
Market pricing now shows a roughly
64% chance that the Fed could begin easing rates as early as March, compared to
a nearly 90% chance a week ago, according to the CME FedWatch Tool.
More
Dollar
holds ground as US inflation data looms | Reuters
Finally, hopefully
step one to a solution of the US debt ceiling, Federal government shutdown
starting January 19th.
Congressional
leaders reach $1.59 trillion deal on top-line spending, pave the way for deal
to fund the government
Congressional leaders
announced a $1.59 trillion deal on top-line spending Sunday as the government
races to avoid a potential shutdown.
The deal establishes
an overall spending budget of $1.59 trillion for the 2024 fiscal year,
allocating $886 billion to military spending and $704 billion for non-defense
spending, said Republican House Speaker Mike Johnson of Louisiana said in a
Sunday note.
“After many weeks of
dialogue and debate, we have secured hard-fought concessions to unlock the FY
24 topline numbers and allow the Appropriations Committee to finally begin
negotiating and completing the twelve annual appropriations bills,” he wrote.
The deal comes as the
House and Senate inch closer to a key Jan.19 deadline, when funding runs out
for many federal agencies. Funding for the rest of the government expires on
Feb. 2.
While the deal paves
the way for a potential funding decision, and signals that both Johnson and
Senate Majority Leader Chuck Schumer (D-N.Y.) are working in unison, a shutdown
isn’t out of the question as parties continue to clash over key policy issues.
″“The framework
agreement to proceed will enable the appropriators to address many of the major
challenges America faces at home and abroad,” wrote Schumer and House Minority
Leader Hakeem Jeffries (D-N.Y.) in a Sunday letter. “It will also allow us to keep
the investments for hardworking American families secured by the legislative
achievements of President Biden and Congressional Democrats.”
Johnson acknowledged
that the spending levels would “not satisfy” all parties, or cut as much as
many had hoped for, but offers a way to “move the process forward; 2)
reprioritize funding within the topline towards conservative objectives,
instead of last year’s Schumer-Pelosi omnibus; and 3) fight for the important
policy riders included in our House FY24 bills.”
More
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
The S&P 500 could crash by 30%, a recession is
likely underway, and interest rates might not fall before summer, market
prophet says
January 6, 2024
- A market prophet says the S&P
500 could crash 30%, and a recession is probably underway.
- Gary Shilling doubts the Fed
will cut interest rates before summer, but sees a return to 1% or 2%.
- Shilling prefers Treasuries
to gold, predicts earnings will weaken, and expects many more layoffs
The S&P 500 could plummet
30%, a US recession may already be underway, and the Federal Reserve is
unlikely to cut interest rates before the summer, a legendary market prophet
has warned.
Gary
Shilling, who served as Merrill Lynch's first chief economist before launching
his own consulting firm over 45 years ago, delivered the dour outlook on
a Rosenberg Research webcast in
late December. He rang the alarm on company earnings, touted government debt
over gold, and predicted layoffs would accelerate in the months ahead.
Shilling is known for making
several correct calls in decades past, but financial markets and the economy
have defied his dour forecasts in
recent years. Here are his 10 best quotes from the webcast, lightly edited for
length and clarity:
1. "I think we still can have a 25% or 30%
decline in the S&P."
(The delayed impacts of the
Federal Reserve's hikes to interest rates, and pressure on corporate profits
this year, threaten to drive the benchmark US stock index as low as 3,300
points or its lowest level since the fall of 2020, Shilling said.)
2. "I like Treasurys. They're about the best
credit in the world. If you worry about the federal government going broke, you
better get your gold bars and AK-47 and a cave to go in."
3. "I just have never had any interest in gold.
It has so many forces that push the price around: political risk, inflation,
deflation, mining, what the central banks are doing, and so on. A lot of the
time, those forces must basically cancel each other out."
4. "I think we're probably in a recession
now. NBER wait until
they get all the data in, the revisions, and everything else. By the time they
make the call, it's about as handy as a pocket in your underwear."
(Shilling was referring to
the National Bureau of Economic Research, a private organization that
officially calls recessions, usually several months after they start.)
5. "Soft landings are
pretty rare. There's only been one in the entire post-war period and that was
in the mid-90s. I define a soft landing as the Fed raising its target rate and
then lowering it with no recession. A soft-landing forecast is bucking
history."
More
Eurozone inflation rises to 2.9% after increase in energy
costs
December
data comes amid speculation over when European Central Bank will cut interest
rates
Fri 5 Jan 2024 13.13 GMT
Inflation across the eurozone rose in December after an
increase in energy costs, reversing six months of consecutive falls and easing
the pressure on the European Central Bank (ECB)
to cut interest rates.
Figures from the EU statistical agency Eurostat showed
consumer prices across the 20-country bloc rose at an annual rate of 2.9% last
month, up from 2.4% in November. Economists polled by Reuters had forecast a
slightly higher reading of 3% for December.
The increase in the headline rate comes after the end of
government support for utility costs, alongside a smaller annual decline in
energy prices in December than in November connected to last year’s one-off
subsidy in Germany.
In the flash estimate for December, inflation in food,
alcohol and tobacco prices continued to moderate, easing some of the pressure
on households across the bloc as the rate across those categories dipped from
6.9% in November to 6.1% last month.
The figures come amid speculation the ECB will begin
cutting interest rates within months amid a worsening economic slowdown across
the eurozone, having increased borrowing costs to the highest level since the
launch of the euro.
Financial markets widely expect the world’s largest
central banks to slash interest rates this year as inflation falls back after
the shock from the Covid pandemic and Russia’s war in Ukraine, while there are
growing fears of recession in several advanced economies.
More
Eurozone inflation rises to 2.9% after increase in
energy costs | Inflation | The Guardian
Covid-19 Corner
This
section will continue until it becomes unneeded.
‘It’s One of the Great Mysteries,’ Why COVID Spares Children
Children tend to have a survival advantage over adults when it comes to newly encountered viral diseases.
January 03, 2024 Updated: January 04,
2024
Bali
Pulendran, a professor of microbiology, immunology, and pathology at Stanford
University, has researched a mystery unique to COVID-19 for two years.
“For almost
every infectious disease, the most vulnerable populations are at the extremes
of age—the very young and the very old,” he once said. “But with COVID-19, the
young are spared.”
The picture surrounding this enigma is
still incomplete, but answers are forthcoming.
Children Are
Different
Children are not mini-adults. Depending on
their age, they can have similar or very different responses to infectious
diseases.
In the case
of COVID-19, children generally experience a milder form of the disease.
“It’s an
interesting question that no one has fully answered,” said Dr. Cody Meissner, a
professor of pediatrics at Dartmouth College’s Geisel School of Medicine, in an
interview with The Epoch Times. “Several theories have been put forward to try
and explain this.”
The primary
reason is that children have a faster innate immune system, often referred to
as the first line of defense, compared to adults. This enables them to mount a
robust defense against respiratory infections more quickly.
Another
explanation is that children are more susceptible to respiratory infections,
and some of these prior infections may provide them with a degree of immune
protection against COVID-19.
Anatomically
speaking, children not fully grown are at a disadvantage when exposed to
respiratory diseases. They have smaller airway diameters, meaning more severe
symptoms when the airways get inflamed or have mucus build up.
They also have
a smaller lung capacity, making them more prone to hypoxia with respiratory
infection, professor of immunology Kenneth Rosenthal, PhD, told The Epoch
Times.
However,
compared to adults, children have been found to have higher levels of innate
immune cells in the nose, which can help eliminate viruses early on.
“SARS-CoV-2
targets ACE-2 and TMPRSS, and these are expressed more in older adults,” Dr.
Lael Yonker, pediatric pulmonologist and the co-director of Massachusetts
General Hospital’s pulmonary genetics clinic, told The Epoch Times. Children,
in comparison, have fewer of both receptors, which may reduce the number of
viral invasions.
More
‘It’s One of the Great Mysteries,’ Why COVID Spares Children | The Epoch Times
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
XING
Mobility Debuts Next Generation Immersion Cooling Battery, the Game Changer for
Electric Vehicles & Utility Power
06 Jan, 2024, 07:51 GMT
Taiwanese company unveils world-first Cell-to-Pack architecture,
high-volume XM25 system, and groundbreaking safety test results
TAIPEI, Jan.
6, 2024 /PRNewswire/ -- XING Mobility, a leading provider of advanced EV
battery systems, is making waves at CES 2024 with its next-generation Immersion
Cooling technology. Founded by veterans of Tesla and Panasonic, XING Mobility
has been at the forefront of this game-changing approach to battery thermal
management since 2015.
Immersion
Cooling is a game-changing approach to battery thermal management. Instead of
relying on traditional air or liquid cooling systems, XING immerses battery
cells in a special dielectric fluid. This fluid, engineered for optimal heat
transfer, directly surrounds and envelops each cell, ensuring uniform and rapid
cooling.
XING
Mobility's showcase at CES 2024 features three global firsts:
- IMMERSIO™ Cell-to-Pack (CTP) architecture: This innovative design
boasts a gravitational energy density of up to 200 Wh/kg and a volumetric
energy density of up to 400 Wh/L, the highest in the world. This
breakthrough allows for significantly larger battery capacities in
passenger vehicles without sacrificing space, effectively addressing range
anxiety.
- IMMERSIO™ XM25 Battery System: The first mass-produced immersion
cooling battery pack, the XM25 offers 25 kWh of power and is readily
available for both vehicle and Energy Storage System (ESS) applications.
Extensive testing ensures its reliability, environmental resilience, and
efficient power output.
- Unprecedented safety test results: XING Mobility will showcase the
results of a rigorous three-nail penetration safety test conducted on an
IMMERSIO™ battery pack at 100% State of Charge. Remarkably, the immersion
cooling technology successfully contained the thermal runaway, preventing
fire propagation. This test demonstrates the unparalleled safety and
stability of XING Mobility's batteries.
XING
Mobility's CES debut coincides with its strategic entry into the American
market. This move, fueled by recent investments from Kubota and the U.S.
government's focus on clean energy, positions XING Mobility to capitalize on
the rapidly growing electric vehicle and construction machinery markets. The
company actively seeks partnerships with U.S. dealers to accelerate the
adoption of its groundbreaking technology across passenger vehicles, commercial
vehicles, industrial machinery, and ESS applications.
"XING
Mobility, with its exclusive immersion cooling battery technology and products,
makes its debut at CES 2024, officially marking our entry into the American
market," stated Royce YC Hong, Co-founder & CEO of XING Mobility.
"We are committed to providing a safer and more stable choice for battery
thermal management to the global market, rewriting the safety norm for
industrial electrification, and realizing a globally high-efficiency
sustainable future."
"The
potential of XING Mobility's immersion cooling technology is truly
transformative," said Ida Wu, General Manager of XING Mobility.
"We are excited to showcase our innovations at CES and collaborate with
industry leaders to drive the future of sustainable mobility."
XING Mobility
will showcase its products and technology at LVCC West Hall Booth 6857 during
CES 2024. Meanwhile, Ida Wu, General Manager of XING Mobility will
participate in the "The Future of EV Batteries is Big'' seminar
on January 10 from 10:00-10:40 at LVCC West Hall W219. The seminar
will discuss the potential of electric vehicle batteries, how to overcome
challenges posed by materials and costs while breaking the size limitations, as
well as trends in electric vehicle batteries.
Socrates.
No comments:
Post a Comment